How Used Car Loan Can Help You Buy your First Car?

Are you planning to buy a second-hand car or a used car? You can easily go ahead and avail a personal used car loan from the leading online banks and other lenders.

A used car loan or second-hand car finance is nothing but an extended version of a personal loan that you can acquire quickly at affordable interest and instant approval.

Anyone matching the lender’s personal loan eligibility criteria can easily avail second hand car loan of up to Rs.25 lakh. You can use the loan amount to not only buy a used car but even your first car.

A used car loan is given without collaterals and hence, it carries a higher rate of interest to cover the possible risks of defaults.

However, if you have maintained a robust CIBIL score, repayment, and employment history, then you can get a low interest rate on personal loans and pay smaller EMIs.

Benefits Of Using Used Car Loan to Buy a Car

1. Higher Capital Made Possible

Second hand car finance can let you borrow as high as up to Rs.25 lakh to help you not only buy a used car but even a brand-new car.

2. Pay up to 45% Lower EMIs

Reputed lenders let you enjoy the flexi loan facility to help you pay only the interest as the EMI on the utilized amount out of your loan limit as per your wish. The rest of the loan amount gets adjusted after the end of the loan duration. This way, you can repay your loan while still saving and managing other monthly expenses easily.

You get a loan tenor ranging between 1-5 years to spread the used car loan over the duration and pay affordable loan EMIs.

4. Instant Approval

You can also get an instant second-hand car finance approval within 5 minutes after filling and submitting the online loan application form.

5. Quick Disbursals

The sanctioned loan amount also gets disbursed into your bank account after the loan approval within 24 hours.

6. Minimal Documentation

A personal loan designed for used car purchases are meant for immediate needs, and hence, you don’t need to provide the lenders with a set of documents. Yes, the personal loan eligibility is easy to prove to get the loan approval hassle-free. Some of the standard personal loan eligibility that you need to prove includes:

You need to be aged between 23-58 years

You need to be a residing citizen of India

You need to be employed with an MNC, private or public limited company

KYC documents

Employee ID Cards

Salary Slips of last 2 months

Salaried bank account statements for the last 3 months

7. Online Loan Account Management

You can also track your used car loan details right from anywhere and 24/7 after accessing all details via the digital customer portal of a lender.

If you are ready to buy a used car, then you can surely avail the personal loan to help you out instantly by applying for it online.